NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2022 6. Investment revenue Group Fund 2022 2021 2022 2021 RM RM RM RM Shariah Compliant income from Islamic fixed deposits with licensed banks 922,748 623,104 922,748 623,104 Profit sharing on advances from a subsidiary in Australia - - 4,455,201 6,759,276 922,748 623,104 5,377,949 7,382,380 7. Tax credit Group Fund 2022 2021 2022 2021 RM RM RM RM Deferred tax relating to the origination and reversal of temporary differences (Note 16) (103,325) (768,296) (103,325) (768,296) Reconciliations of the tax expense applicable to profit before tax at the statutory income tax rate to income tax expense at the effective income tax rate of the Group and of the Fund are as follows: Group Fund 2022 2021 2022 2021 RM RM RM RM Profit before tax 60,035,534 72,781,553 58,083,107 46,601,801 Tax at the statutory tax rate of 24% (2021: 24%) 14,408,528 17,467,573 13,939,946 11,184,432 Different tax rates in other country (51,484) (92,304) - - Deferred tax recognised at different tax rate (103,325) (768,296) (103,325) (768,296) Non-deductible expenses 4,606,746 2,176,652 4,300,044 7,478,994 Income not subject to tax (12,065,182) (14,203,104) (10,871,927) (12,248,450) Income exempted from tax (6,898,608) (5,348,817) (7,368,063) (6,414,976) Tax expense for the year (103,325) (768,296) (103,325) (768,296) Pursuant to the Section 61A of the Income Tax Act 1967 (ITA), where 90% or more of the total income of the unit trust is distributed to the unitholders, the total income of the unit trust for that year of assessment shall be exempted from tax. The Manager also expects to distribute the net income within two months from the end of each financial year and accordingly, no estimated current tax payable is required to be provided in the financial statements. As at the date of this financial statements, the Fund has declared more than 90% of its distributable income to unitholders for the financial year ended 31 December 2022 accordingly. No provision for income tax expense has been made for the year. Deferred tax liability has been provided for the investment properties held by the Fund at 10% (2021: 10%) which reflects the expected manner of recovery of the investment properties, i.e. recovered through sale. 167 1. Corporate Overview 3. Strategic Performance 5. Governance Structure 2. The Driving Forces 4. Sustainability Statement 6. Financial Reports
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